Goldman Sachs has reiterated its "Buy" rating for MiniMax Group, setting a target price of HK$860. The investment bank highlights the improved inference efficiency of the MiniMax M3 model, which is over twice that of its predecessor, the M2.7, despite a doubling in model parameters. This efficiency is expected to offset any cost increases. Additionally, DeepSeek's recent announcement of a time-of-use pricing mechanism, with peak-hour rates doubling, is seen as an indirect endorsement of MiniMax M3's cost-effectiveness. The anticipated release of larger M3 series models and the H3 video model are expected to drive further growth for MiniMax.